Chinese stocks rocketed Monday, extending last week’s surge after China unveiled a raft of economy-boosting measures, while a weak outlook for the car sector sent European auto stocks tumbling.
Shanghai’s stock market closed up more than eight percent — its best day since 2008 — while Hong Kong briefly leapt around four percent, a day before Chinese markets shut for the Golden Week holiday.
They extended a rally begun last week as China announced fiscal measures — notably interest-rate cuts and eased rules on buying homes — aimed at igniting growth in the world’s second-biggest economy.
Developers were among the best performers in Hong Kong, with Kaisa rocketing more than 80 percent, Sunac jumping over 55 percent and Agile Group up 19 percent.
Tech firms also enjoyed strong gains, with e-commerce giant JD.com advancing more than 11 percent and rival Alibaba up almost eight percent.
“Another day, and another rally …